Medicare Training

Medicare Training: Get Started In Medicare Sales

Medicare sales is a great career choice for anyone who wants to earn a great living while making a difference in their community. Some Medicare-eligible people have a long list of plans to choose from, and every company out there is vying for their business.

It’s up to you to make sure they’re not overpaying and they are getting the coverage they need. If you succeed, you could see huge financial gains when they renew their plan each year. 

SMA Medicare Training

Selling Medicare health insurance does require training. The fact is that in 2020, a lot of people want to do all their health insurance shopping online – but it’s confusing! That’s where independent agents come in. 

For you to be able to properly sell health insurance and provide a great service, you need to know the plans backwards and forwards. Plus, you need to understand the strict rules and regulations behind selling those plans! Sound a little scary? Don’t worry. SMA’s Medicare training 2020 program will make it a breeze.

Getting Started: How do I become a certified Medicare agent?

Have you ever heard the term “Medigap?” How about, “LIS?” Even if you think you understand the basics of Medicare, every single agent needs to go through training each year.

While you don’t need a degree to sell Medicare plans, you do need to be licensed and certified. You’re going to want to learn everything you can about Medicare Advantage plans, Medicare Supplement plans, and Medicare Prescription Drug Plans (that’s right, three different types).

Then, there are a few different tests you’ll have to pass to legally sell Medicare. 

What license is needed to sell Medicare?

Before you start selling Medicare plans, every single Medicare sales representative has to complete their Medicare agent certification (keep in mind that life, ACA, and Medicaid certifications are all separate).

The AHIP certification, or “America’s Health Insurance Plans” certification, is updated every summer and is required by CMS, the Centers for Medicare and Medicaid Services. CMS Medicare rules and regulations are subject to change each year, so requiring the AHIP certification ensures that every agent is prepared before they start selling.

P.S. – The AHIP certification exam is not free, but we can help you out with a $50 AHIP discount.

Do I need Medicare training?

There are probably several other insurance agents in your town who are trying to sell to the same people that you are. That means that even if you think you can pass all your tests without proper Medicare insurance agent training, it’s not a good idea.

You need to know as much as you possibly can about Medicare to be the best possible Medicare salesperson. 

Plus, your training should include more than the AHIP Medicare training – it should also include sales training. CMS agent/broker Medicare training will keep you up-to-date on regulation changes, but it won’t teach you how to talk to your clients. Study up on how and when to follow up with clients, how to sell Medicare over the phone, how to handle objections, and how to close the sale

Medicare Training and Testing Guidelines

Since Medicare guidelines change every year, you’ll need to find a reliable source of information. If you meet the required testing guidelines (AHIP, carrier certification tests, etc.), then you’ll know you’ve gotten all the information you need. 

At Senior Market Advisors, we’re constantly updating our materials according to CMS Medicare guidelines. We also host webinars and seminars and send valuable information to our agents. 

Why You Should Complete Medicare Training Each Year

Aside from the fact that annual Medicare certification is required, you’re going to want to complete Medicare training every year. Why? 

For starters, new Medicare products are released every year, and it’s important to know what’s available to your clients. Plus, there might be new regulations or rules that you have to adhere to (or risk losing your license). On top of all that, existing plans adjust their benefits every year, and you don’t want to sell someone a plan that doesn’t cover the services they need. Not only will you lose further business with that person, but lying to clients is punishable. 

Once you’ve completed your annual Medicare training, you’ll also be better suited to sell, because you’ll know how to market yourself as a Medicare agent. For example, you might learn that there is a brand new plan available to residents in your county. That would be a great opportunity for you to market yourself as “selling the newest plan in X county.” It also allows you to market by reaching out to your contacts to let them know the good news!

Training is no joke, but we make it easy. At Senior Market Advisors, we’ll provide you with all the tools you need. Don’t be scared – most carriers offer their updated information in easy-to-follow webinars, so you can listen in and make sure you understand the highlights. 

How much does a Medicare agent make?

Selling Medicare can be quite lucrative if you’re dedicated. To answer how much Medicare agents can earn, let’s first address another question you might be wondering: how do Medicare sales agents get paid in the first place?”

Medicare agents earn a commission for every sale. Medicare commission rates can vary by state, plan, and carrier, but the maximum compensation in 2020 runs between $331-$636 per new plan sold. If your client renews their plan the following year, you can earn an additional $39-$318. That means that if you earn the top commission rate for a plan, and your client keeps that plan for even as little as five years, you could earn over $1900 in total from just one client (spread out over time). Imagine what you could make just from closing one sale per day!

A Medicare agent salary truly depends on how much you work. There are agents who are out there six or seven days a week, at least 50 weeks per year, and there are agents who only sell a few hours every week as a side project. What type of agent will you be?

It also depends on your experience. An agent who has never sold Medicare plans before is not going to have any residual income (like commissions from plan renewals), so it’s going to depend on how many new plans you can sell.

Plus, commission rates can vary greatly by state. If you’re looking for the best states to sell Medicare Supplements and Medicare Advantage in, California and New Jersey might be your best bets (but keep in mind that costs are also higher there). 

In short, new and inexperienced agents who work full-time might be able to make $35,000 per year. Experienced agents who have residual income could make as much as $100,000 per year (or more). 

(By comparison, Medicare Advantage commission increases ranged from 5.41% to 5.90% for 2020.)

The Benefits of Using an Insurance FMO

Using an Insurance FMO can result in incredible Medicare business opportunities that you wouldn’t have found otherwise. How? 

For starters, a company like Senior Market Advisors has thousands of contacts and great relationships with carriers and other related entities. We can help you find leads, we can teach you everything we know about the industry, and we can manage some of those boring administrative tasks for you so that you can focus on closing sales. 

A great insurance FMO like Senior Market Advisors can also provide you with a free system to safely (and compliantly) store all of your client information, take meeting notes, and remember who to reach back out to later. 

Medicare Training Reviews

One agent left a review on our Facebook page, stating, “I have represented several brokers and FMO’s, SMA are the real deal. They have all of the top carriers to offer the best products and they have more support than all of the other people I work with put together.”

Since we have relationships with all major carriers, our training program is incredibly comprehensive and is the only training you’ll need to be successful in Medicare sales. 

Medicare Training Resources

Aside from our Medicare 101 course and some of the other tools we can offer you when you sign up with Senior Market Advisors, there are some great Medicare training resources out there available to you. Here are some of our favorites: 

Begin Your Medicare Career Today!

Ready to begin your Medicare career? We’re the one-stop-shop for marketplace training for agents and brokers 2020.

If you’re still not sure how to become a Medicare broker and get your career started, don’t worry! Just reach out to set up a call with one of our advisors, and we’ll get you started in no time. 

Call us to get started at 1-844-452-5020.

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